Ansal Properties to invest Rs 130 crore on SEZ development in Greater Noida

DELHI: Realty firm Ansal Properties and InfrastructureBSE 3.72 % has revived its plan to develop a 75-acre IT special economic zone (SEZ) in Greater Noida and will invest about Rs 130 crore over the next three years on construction.

The IT SEZ was notified by the Commerce Ministry in 2006, but the company was going slow in the development of SEZ project due to global economic slowdown.

With construction of Yamuna Expressway and NIIT setting up its captive units near this SEZ, the company has decided to increase the pace of development of this project.

"We roped in Earth Infrastructure as co-developer for this project in 2012 with the permission of the Centre. We have invested about Rs 130 crore on purchase purchase of land, physical infrastructure and construction of 2 lakh sq ft area in this SEZ," Ansal API Advisor (SEZ) R M Manroa said.

Stating that two units have already started operation in SEZ, he said the company expect that entire 2 lakh sq ft would be leased and about 10 units will start functioning during the current fiscal.

It plans to invest another Rs 130 crore over next three years along with its co-developer on further development of 8 lakh sq ft, taking the total built-up area to 10 lakh sq ft by 2016-17.

Manroa said the development and investment would be done jointly by Ansal group and co-developer.

About 65 per cent of the area in this SEZ has been kept for processing zone and another 35 per cent for the non- processing zone.

Manroa said this is the only SEZ in Delhi-NCR offering independent IT/ITES plots. The company has 18 plots each covering 2,000 sq ft area.

The SEZ project has the potential of total developable area of 3.5 million sq ft. Ansal is currently leasing the IT space at about Rs 35 per sq ft.

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